SYDNEY/BENGALURU—Australia’s corporate regulator filed a lawsuit against No. 1 lender Commonwealth Bank of Australia, accusing it of improperly collecting commission to sell the products of its pension arm to hundreds of thousands of customers.
The Federal Court civil suit, which was made public on Tuesday, accused the bank and its pension unit, Colonial First State Investments Ltd, of a scheme where the bank took commission to sell products for its subsidiary from 2013 of 2019, a banned practice known as conflicted remuneration.
